July 25, 2008

With bank stocks tanking on loan losses and even once seemingly invincible giants Fannie Mae and Freddie Mac in need of government aid, banks don't need more bad news.

However, a University of Michigan study publicized this week claims that 75 percent of online banks have some kind of security flaw that potentially opens them to thieves and hackers. The findings are based on the university's research of 214 banks.

It's enough to make weaker bankers not want to return to work on Monday: the sentiment conveyed in Dolly Parton's classic hit song and movie, Working Nine to Five. "Tumble outta bed and stumble to the kitchen, pour myself a cup of ambition...working nine to five, it's enough to drive you crazy if you let it."

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